Which of the following sections of a commercial general liability policy contains information about limits of insurance and premiums? Declaration Exclusion Condition

Q: Explain the four legal principles associated with insurance contracts in detail, stressing the…

A: Insurance is a contract, represented by a policy, in which a person or entity receives financial…

Q: When should a company report the cost of an insurancepolicy as an expense?a. When the company first…

A: Insurance expense refers to the cost of insurance i.e. insurance premium incurred. An insurance…

Q: It pertains to a risk management technique when acquiring a life insurance. * risk avoidance risk…

A: One of the risk management technique is Risk Transfer where one party transfer the risk to another.…

Q: What kind of insurance  forms may not be included in the comprehensive forms?

A: Insurance: Insurance is the protection against an individual or an asset for the financial losses…

Q: How are contingent liabilities accounting for? a) In your own word, what is a contingent liability?…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Distinguish between a determinable current liability anda contingent liability. Give two examples of…

A:

Q: The contract between insured and insurer is O a. Coverage O b. Face value Oc. Policy O d. Premium

A: Insurance means where insurance company agree to pay the specified amount to insured person in case…

Q: The recognition of certain nonfinancial liabilities (e.g., contingencies and environmental…

A: Provision is recognized for uncertain amounts and timings. Therefore, the meaning of probable is…

Q: S1: PFRS 17 permits the introduction of an accounting policy that involves remeasuring designated…

A: SOLUTION- INSURANCE CONTRACTS MIX OPTIONS OF EACH A MONEY INSTRUMENTS AND A CONTRACT . ADDITIONALLY…

Q: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes…

A: The outlay which is an ordinary outlay and helps in the normal revenue generation of the business is…

Q: Differentiate between “Compensatory contract” and “Non-Compensatory contract”. Does the concept of…

A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…

Q: True or False? 1. An insurance contract is derecognized when it is extinguished and when it is…

A: An insurance contract is a contract between the two parties where one party promises to pay the…

Q: ain ONE key financial risk that an insurance company is exposed to. Explain the policies and…

A: Basic Concept of Insurance Financial risk in insurance and Mitigation

Q: Define current liabilities and list the typical liability categories included in this…

A: Current liability: Current liability is a debt that the companies need to pay the debts from…

Q: Which of the following sections of a commercial general liability policy contains information about…

A: Commercial General Liability (CGL) policy: You can safeguard your firm from financial ruin with a…

Q: Which of the following would not be considered a general long term liability? Select one: a. Long…

A: Short term obligations are the obligations that have to be paid within a  year. whereas, long term…

Q: Differentiate between the contract and concept of Takaful and Conventional Insurance

A: Insurance refers to the contract in which the insurer provides the risk protection facility to the…

Q: Deductibles are not used in which of the following type of insurance?

A: Deductibles in insurance: The deductibles is an expense the insured have to pay in before the time…

Q: An insurance refers to a signed agreement between the insured and the insurer. a. Security b.…

A: In Insurance there are two parties, Insurer and Insured

Q: Which of the following is an exception for application of IFRS 15? O Pharmaceutical contracts O All…

A: As Per IFRS 15, An entity shall apply this Standard to all contracts with customers, except the…

Q: In a Commercial General Liability policy, reasonable first aid expenses are paid regardless of fault…

A: Commercial general liability policy insures or protects the business against any unwanted damage to…

Q: Which of the following actions represents consideration in an insurance contract? a. paying the…

A: Insurance contract is a contract entered between Policyholder (Insured) and the Insurance company…

Q: Which of the following is not one of the groupings of insurance contracts under PFRS 17? A. those…

A: International financial reporting standard 17 or IFRS 17 deals with the standards relating to…

Q: An implied condition of pooling risks with insurance is that the event being insured against is…

A: Insurance: An arrangement between the two parties( Insurer & Insured) where the insurer company…

Q: Company

A: Insurance is defined as a financial arrangement between the insured & the insurance company…

Q: Which of the following is an exception for application of IFRS 15? Oa. Insurance contracts. O b.…

A: Following are some exclusions from IFRS 15: Leases (IAS 17 or IFRS 16) Financial instruments and…

Q: explain the principles of classical immunization strategy to meet a single liability obligation

A: Immunization is referred to as a strategy to mitigate the chance that matches the duration of asset…

Q: S1: PFRS 17 permits the introduction of an accounting policy that involves remeasuring designated…

A: Insurance contracts mix options of each a money instrument and a contract. Additionally, several…

Q: Which of the following is a characteristic of a current​ liability?   A. It is an avoidable…

A: Liabilities are classified into two types. 1. Current liabilities ; which are expected to be paid…

Q: What is a Current Liability? Explain its Characteristics.

A: Current liability refers to the obligation of enterprise which are due within normal cycle of…

Q: why is it important for insurance companies to manage underwriting risk?

A: in contract of insurance there is a guarantee by insurance that it will pay the damage or loss .…

Q: he consideration paid by insured in a contract of in - premium C. prepaid insurance insurance…

A: The insurance companies do different kind of insurance for the companies depending on the risk and…

Q: what underwriting risk. what are two risks faced by insurance companies?

A: The underwriting risk is the risk which is borne by the underwriter due to the inaccurate…

Q: Distinguish between a current liability and a long-termdebt.

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Q: Entity A obtains life insurance for its key employee from Entity B (an insurance company). Entity B…

A: Account for Insurance Contract Here the actual facts which was incurred was Entity A can obtain life…

Q: What is participating in insurer management? What is treaty reinsurance? What is facultative…

A: Participating Policy: When a policyholder receives a dividend, such types of an insurance contract…

Q: In Property and Casualty insurance when must an Insurable interest exist? O a. At the Start of the…

A: Life insurance covers the risk of life of insured. Non-life insurance may cover people, property or…

Q: Explain the difference between commutative contract and non-commutative contract. Why Insurance is…

A: COMMUTATIVE CONTRACT In Arabic aqd mu'awadha, it is a type of compensatory contract whereby one…

Q: 19. is the document that acknowledge the insured legally entitled to receive the payment from the…

A: Insurance is a financial mechanism that protects an insured asset from various risks. There are many…

Q: Discuss how Unilateral contract suits insurance than commutative contracts

A: An insurance contract is a kind of legal document that lays down the agreement terms between the…

Q: What are the pro and cons of third-party insurance?

A: Third-party insurance is an insurance policy purchased for the protection against the claims of…

Q: what is the role of the Insurance Core Principles as it relates to underwriting risks, in the…

A: It is very important to evaluate and regulate the insurance supervision. There will be flaws in the…

Q: Define contingent liability. What is the criteria to determine whether or not to report the…

A: Liability means the obligation to pay to the other parties by transferring the economic benefits…